RTPZ was formed to support a technology business to innovate and achieve entrepreneurship at scale by leveraging its team’s operating expertise as founders of iconic technology companies, their experience building companies as advisors and board members, and the capital raised in its initial public offering.Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. RTPZ is a special purpose acquisition company led by Reid Hoffman, Mark Pincus, and Michael Thompson, that takes a “venture capital at scale” approach. For more information, including licensing information, visit. Hippo Insurance Services is a licensed property casualty insurance agent with products underwritten by various insurance companies. Hippo is headquartered in Palo Alto, California with offices in Austin and Dallas, Texas, and insurance products available to more than 80 percent of U.S. Harnessing real-time data, smart home technology, and a growing suite of home services, we are creating the first integrated home protection platform. Our goal is to make homes safer and better protected so customers spend less time worrying about the burdens of homeownership and more time enjoying their homes and the life within. Hippo Insurance Services offers a different kind of home insurance, built from the ground up to provide a new standard of care and protection for homeowners. Barclays is acting as financial advisor to Reinvent and Sullivan & Cromwell LLP is serving as its legal counsel. also acted as joint placement agents on the PIPE transaction. are acting as co-financial advisors to Hippo and Latham & Watkins LLP is acting as its legal counsel. A live stream of the event and replay can be accessed by visiting. To memorialize the completion of the business combination, Hippo will be ringing the opening bell at the NYSE at 9:30 a.m. “Assaf and his world-class team are well positioned to modernize a massive market that is ripe for disruption through Hippo’s leading technology and insurance expertise.” “We are thrilled to close our business combination with Hippo and look forward to this next chapter in transforming homeowner’s insurance with Hippo’s digital-first set of offerings,” said Reid Hoffman, LinkedIn Co-Founder and Co-Lead Director of RTPZ. “We are excited to embark on this next phase of Hippo’s journey as we modernize the home insurance industry and bring joy back into homeownership.” “Today’s important milestone showcases the tremendous progress we’ve made in our pursuit to revolutionize home insurance through the lens of the homeowner,” said Assaf Wand, Founder and CEO of Hippo. Chief Executive Officer and Co-Founder Assaf Wand, along with the Hippo management team, will continue to lead the company. The proceeds will be used to fuel growth, market expansion and development of new product offerings, as well as accelerate Hippo’s plans to expand geographically and create the first-of-its-kind vertically integrated, end-to-end home protection and insurance platform.Īs a well-capitalized public company, Hippo is even better positioned to transform the home insurance industry with its unique end-to-end home protection and home insurance platform. In connection with the transaction, Hippo expects to receive more than $550 million in cash proceeds, net of fees and expenses funded in conjunction with the closing of the business combination, which includes the proceeds from a previously announced private placement of common stock. Hippo’s common stock and warrants trade today under the symbols “RTPZ” and “RTPZ.WS,” respectively, and begin trading tomorrow on the New York Stock Exchange under the ticker symbols “HIPO” and “HIPO.WS,” respectively. PALO ALTO, Calif.–( BUSINESS WIRE)–Hippo Holdings, the home insurance group that created a new standard of care and protection for homeowners, today announced the completion of its previously announced business combination with Reinvent Technology Partners Z, a publicly traded special purpose acquisition company that takes a “venture capital at scale” approach.
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